In a briefing with reporters on Friday, MRC chief executive officer Benjamin Bitanga said the company is finalizing pricing details for the deal, to be carried out through subsidiary MRC Tampakan Mines.  

MRC Tampakan’s property covers an 8,000-hectare area straddling the municipalities of Kiblawan, Davao del Sur and Columbio in Sultan Kudarat.

“We are looking at a valuation where $50 million will buy 40 percent of MRC Tampakan with 60 percent still being owned by MRC Allied,” Bitanga said.   

The plan also involves listing MRC Tampakan on the London Stock Exchange.

MRC is separately considering a joint venture proposal  by a unidentified Australian group covering the company’s 3,718-hectare property in Marihatag, Surigao del Sur.

The proposal involves the creation of an Australian company, where MRC will own a maximum 49 percent interest, which will be listed on the Australian Stock Exchange.

“We have received their proposal and we will make a decision in the next few days,” Bitanga said.

MRC also holds mining properties covering 9,720 hectares in Davao Oriental, within the municipalities of Boston and Cate-el, and expects to receive proposals for these from various foreign companies, Bitanga added.

Meanwhile, MRC remains keen on developing idle properties in Cebu and has begun talks with overseas casino groups interested in operating in the popular tourist island, Bitanga said, alongside a proposal to Philippine Amusement and Gaming Corp.

Bitanga clarified that MRC’s role will be limited to leasing its property to operators and developing infrastructure on the site, estimated to cost P700 million.

(Miguel R. Camus)